Investment firm 21Shares is now the second issuer to file for a Solana ETF in the United States. This move comes less than 24 hours after asset management firm VanEck submitted a similar application in the country.
Solana ETF Race Gathers Momentum
Eric Balchunas, Senior Bloomberg ETF analyst highlighted the filing, commenting on the latest race in the broader crypto world.
Solana ETF #2 filed.. here we go again https://t.co/DDmL3t8q0i
— Eric Balchunas (@EricBalchunas) June 28, 2024
21Shares joins VanEck, renowned for being a trailblazer in the crypto sector, in its quest to track the price of Solana. This development has generated excitement in the broader crypto space with many anticipating a Solana summer. This is a reference to bullish market sentiment.
The approval of spot Bitcoin ETF in January as a traded product by the U.S Securities and Exchange Commission, SEC, paved the way following over ten years of impasse with the regulatory body. Meanwhile, eight spot Ethereum ETF products bagged approval in May. Barring any last-minute complications, should start trading in early July.
Although 21Shares has yet to provide official details of the filing and timeline for the launch, some analysts anticipate a 2025 approval. This is due to the regulatory scrutiny that will be carried out on the S-1 filing and the 19b-4 filing which will give a precise schedule.
Solana’s Market Performance
Interestingly, as reported by Crypto-Vanguard, a market expert, GSR Market is confident that approval of Solana ETF could have a bullish effect on the asset. As per the analysis, the price of Solana could surge 3.4 times, or possibly 8.9 times its current value to as high as $1,159 depending on the scenario that plays out.
Significantly, despite the general bearish market sentiment, Solana is leading a rebound in altcoin as it witnessed a price uptick recently. The digital asset also recorded a brief upsurge of 7.88% following the VanEck announcement.
At the time of writing, the coin has shed some of its gains, down by 4.48% in 24 hours to $141.71.
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